# Table 6: Robustness Checks

## Dependent Variable: Δlog(K/L) — Capital Deepening

| Specification | N | R² | Z₁ β | Z₁ p | Z₂ β | Z₂ p | Z₃ β | Z₃ p |
|---------------|---|-----|------|------|------|------|------|------|
| Excl. Japan | 4117 | 0.0207 | -0.0388 | 0.4813 | 0.0092 | 0.2626 | -0.0005 | 0.1592 |
| OECD Only | 992 | 0.1799 | 0.2504*** | 0.0069 | -0.0264** | 0.0358 | 0.0008 | 0.1108 |
| Non-OECD | 3154 | 0.0093 | -0.0374 | 0.5708 | 0.0078 | 0.4356 | -0.0004 | 0.3664 |
| Pre-GFC (<2008) | 2247 | 0.0119 | -0.0102 | 0.8936 | 0.0037 | 0.7496 | -0.0002 | 0.6695 |
| Post-GFC (≥2010) | 1580 | 0.0834 | -0.0740 | 0.2897 | 0.0152 | 0.1378 | -0.0007* | 0.0770 |
| Z → TFP (ctfp) | 2888 | 0.0173 | -0.1104 | 0.1630 | 0.0156 | 0.1831 | -0.0006 | 0.2001 |
| Z → TFP (rtfpna) | 2888 | 0.0229 | -0.0269 | 0.5637 | 0.0034 | 0.6221 | -0.0001 | 0.7152 |
| Z → Net (CA/GDP) | 4133 | 0.1918 | 6.3738 | 0.6051 | -0.7728 | 0.6753 | 0.0247 | 0.7420 |
| Z → Gross Liabilities/GDP | 4246 | 0.0285 | 120.0174 | 0.7151 | 3.2195 | 0.9487 | -0.3820 | 0.8544 |
| Excl. Financial Centers | 4010 | 0.0215 | -0.0446 | 0.4172 | 0.0101 | 0.2206 | -0.0005 | 0.1315 |

## Weak Instrument Diagnostics

| Sample | N | First-stage F | Instrument β | p |
|--------|---|---------------|-------------|---|
| Full Sample | 3014 | 28.15 | 2.0309 | 0.0000 |
| OECD First Stage | 703 | 37.58 | 0.3028 | 0.0000 |

*Stock-Yogo critical value for 10% maximal bias: F > 16.38 (one instrument).*
*p<0.1, **p<0.05, ***p<0.01
